CK Hutchison said on Thursday it had launched international arbitration proceedings against Panama and was seeking damages of more than US$1.5 ⁠billion for the "destruction" of its investments in the Central American nation.

CK Hutchison said Panama breached an investment protection treaty after a series of measures over the past two years that culminated in the "destruction of the concession contract for the ports of Balboa ⁠and Cristóbal and takeover of the ⁠port terminals".

"The board strongly ⁠disagrees with the measures taken by Panama in violation of the treaty," the ⁠Hong Kong-based conglomerate said.

CK Hutchison's subsidiary, Panama Ports Company (PPC), will continue pursuing its separate international arbitration proceedings, launched in February after Panama's top court annulled its licences to operate two Panama Canal ports.

PPC, which for nearly three decades operated the Balboa and Cristóbal terminals near the Panama Canal, in March widened its claims to more than US$2 billion over what it described as the state's illegal takeover of two port ⁠terminals and company property. (Reuters)



Edited by Altis Wong